MERAX Fees and Costs — Madison Mid Cap Fund, Class A
Data updated: 2026-09-17
The net expense ratio is 1.15%: a 0.70% management fee, a 0.25% 12b-1 fee plus 0.20% other expenses. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2025 the fund paid $385K in broker commissions, 0.0181% of average net assets, and portfolio turnover was 17%.
MERAX Fees and Expenses
Annual operating expenses and sales charges of MERAX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.20% |
| Gross expense ratio | 1.15% |
| Fee waiver | — |
| Net expense ratio | 1.15% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
MERAX Costs Over Time
On $10,000 invested in MERAX, assuming 5% a year before costs, total costs come to $1,420 over 5 years, cutting the return by 2.45% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.15%) | $114 | $354 | $614 |
| Trading costs (broker commissions) | $2 | $6 | $10 |
| Lost growth on money paid in costs | $29 | $108 | $222 |
| Total costs | $719 | $1,044 | $1,420 |
| Value after costs | $9,781 | $10,533 | $11,343 |
| Impact on return, per year | 7.19% | 3.25% | 2.45% |
MERAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0181%
- Total broker commissions: $385K
- Bought from dealers (principal trades, not a cost): $25.2B
- Portfolio turnover (prospectus): 17%
- Securities on loan, average value: $9.2M
- Net income from securities lending: $16K (0.001% of average net assets)
MERAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SG Americas Securities, LLC | $126K | 32.61% |
| Robert W. Baird & Co. Incorporated | $98K | 25.55% |
| Kezar Trading, LLC | $52K | 13.49% |
| RBC Capital Markets, LLC | $37K | 9.71% |
| William Blair & Company, L.L.C. | $37K | 9.61% |
| J.P. Morgan Securities LLC | $23K | 6.09% |
| Morgan Stanley & Co. LLC | $10K | 2.64% |
| BNY Capital Markets, LLC | $1K | 0.31% |
MERAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $25.2B | 100.00% |
Madison Mid Cap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MMCRX | Class R6 | 0.72% | none |
| MDCIX | Class I | 0.80% | none |
| GTSGX | Class Y | 0.90% | none |
| MERAX | Class A | 1.15% | 5.75% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.